Target Hospitality (TH) 10% Owner Disposes 2,652,046 Shares

What Happened TDR Capital II Investments LP, reported as a 10% owner of Target Hospitality (ticker: TH), recorded a disposition/distribution of 2,652,046 common shares on September 25, 2026. The shares were distributed for no consideration (reported price $0.00), so the transaction shows $0 total proceeds. The Form 4 lists this as an "other acquisition or disposition" (transaction code J).

Key Details

• Transaction date: 2026-09-25; Filing date: 2026-09-28 (three days after the transaction). Form 4s are generally due within two business days, so note the timing.
• Shares disposed: 2,652,046; price reported: $0.00; total reported value: $0.
• Beneficial holdings referenced in the filing (footnote F2): 20,696,564 shares held by Arrow and 6,529,799 shares held by MFA Global (combined 27,226,363 shares noted in the filing).
• Footnote summary: MFA Global and Arrow distributed the 2,652,046 shares to certain limited partners for no consideration (F1). TDR Capital II Investments LP may be deemed the beneficial owner of securities held by Arrow and MFA Global due to control relationships described in F3–F5; the TDR parties disclaim beneficial ownership except to the extent of pecuniary interest.
• Transaction code: J (other acquisition or disposition).

Context This was a distribution to limited partners (not an open-market sale or purchase) and therefore does not necessarily reflect a trading decision about the company’s prospects. The filing involves a 10% institutional owner and related entities—this is institutional ownership reporting rather than an executive selling or buying stock. The filing’s timing (filed three days after the transaction) is worth noting for compliance observers.